2014 (4) TMI 547

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....made by the AO u/.s 68 of the Income Tax Act, 1961, on account of claim of the assessee regarding raising of loan from M/s Ramesh Bais (HUF)." 2. The grounds raised by the assessee are reproduced hereunder:- "That under the facts and circumstances, no reasonable and proper opportunity of hearing has been allowed. 2. That the Asstt. is without jurisdiction, also for the reason of non - service of statutory notice U/s. 143 (2) as per law and within the mandatory statutorily provided time period. 3.1. That under the facts and circumstances, there is absolutely no legality and justification in making and sustaining additions u/s 68 for following cash creditors. 3.2. That without prejudice, the Ld. AO exceeded his jurisdiction in ....

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....ness and other sources declaring total income at Rs. 8,56,750 in his return filed on 31.3.2008 which was processed u/s 143(1) of the Act on 20th January, 2009. Subsequently, the case was selected for scrutiny, therefore, notice issued u/s 143(2) was served upon the assessee. The assessee attended the proceedings and furnished details. On perusal of record, it was found by the AO that the assessee has taken unsecured loan of Rs.36 lakh from M/s Shelly Associates Ltd., Rs.5 lakh from M/s Eastman Video Production, Rs. 25 lakh from M/s Dot Com City, Rs. 27,50,000 from London Home International, Rs. 25 lakh from Ramesh Bais (HUF) and Rs. 5 lakh from Bollywood Institute of Dance and drama, total amounting to Rs.1,23,50,000. The assessee was asked....

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.... in the case of Mr. Ramesh Bais (HUF). At this stage, the assessee is aggrieved by the part relief whereas the revenue is against the relief granted to the assessee. 4.3 On perusal of record and after hearing the rival submissions, the grievance of the assessee is that proper opportunity was not provided to the assessee. We also note that identical ground was raised before the ld. CIT(A) as is evident from Form No. 35 (Ground no.2) and ground no. 1(Form no. 36) before this Tribunal. Even during the hearing, this ground was strongly pressed by the assessee. The assessee also canvassed that the part relief granted to the assessee may be sustained as it is and for remaining addition it may be sent back or addition, sustained by the ld. CIT(....